How to optimise your payment gateway to increase profits by 10%
Here are 5 tips to optimise your payment gateway which will add 3-5% in revenues which translates to 10-20% in profits
- For large transfers try to get your customer to use wire or bank transfers. The cost is significantly lower both in terms of processing fees and getting foreign exchange rates.
- Setting up virtual bank accounts is becoming easier and easier. You can use these to give your customers an option to pay by bank transfer. Even if you offer them a 1% discount you will be saving a lot of money!
- Customise your payment gateways for your target market. Pick your top three sales markets and make sure you put the energy in to find the best processor for those markets. At the same time for all small markets just use one like Stripe, Braintree or Ayden
- Once you are hitting large volumes , don't forget to negotiate especially on getting a better currency rate.
- Get paid in bitcoin. This might sound revolutionary but more and more people are paying in bitcoin. Bitcoin transactions are free! And with the prices going up you can potentially make some additional profit on the prices going up.